The return to office of the nationwide leader Heydar Aliyev at the request of people in 1993 caused positive changes in the organisation and management of scientific-research works, including in the activity of the Institute, as it was the case in all the other fields.  As a result in 1994 Economic Reforms Centre was established on the basis of the İnstitute in order to provide for flexibility, continuity and systemic character to the development of scientific foundation of economic reforms undertaken in the country, Starting from this period the activities of the Centre were directed to the determination of the strategy and tactics of the reforms implemented in the period of transition to market relations.
The attention and care shown by his excellency, President Ilham Aliyev who successfully continued the political course of the nationwide leader Heydar Aliyev  also benefited the Economic Reforms Scientific Research Institute.
In 2006 Azerbaijan Scientific-Research Scientific-Technical Information and Technical Research Institute and Centre for Economic Reforms were liquidated and in their place Economic Reforms Scientific Research Institute under the Ministry of Economic Development was established.
Since that date the Institute, directing its activity to working out scientific foundations in order to provide for the sustainability of already acquired dynamic social and economic development, distinguished itself with a number of significant scientific accomplishments. Newly established General Equilibrium Model of the Republic of Azerbaijan (AzMod) is of particular importance among the successful accomplishments.
In short, this model called AzMod is playing an exclusive role in the effective management of economy, in particular in the scenario planning and analysis, impact assessment, predictions and policy analysis process.  
By deepening the research undertaken in this direction the Institute together with AzMod designed the absolute majority of the multiplicative models of Social Reports Matrix (SAM), all the modifications of intra trade balance models, including the dynamic and regional models and social accounts matrix of enterprises. The matrix connecting 19 activity directions and 5 economic agents brings together 47 different balances in 7 blocks and thus allows presenting almost all economic indicators in one schedule.
In addition to that, during the time of its activity the Institute carried out several methodologies, concepts and State program projects, business project proposals and researches on different directions. 
Economic Reforms Scientific Research Institute publishes “Azerbaijan Republic social and economic development indicators”, “Social and economic passports of economic regions” and other periodical scientific publications reflecting social and economic outlook of the country and prepares different publications on individual fields of economy and development of entrepreneurship.
The Institute constantly cooperates with numerous scientific and educational centres of our country and at the same time is engaged in collaboration with more than 20 scientific centres of foreign countries, tens of international organisations and financial institutions. 
One of the important accomplishments obtained as part of this cooperation is the establishment of Economic Cooperation Organisation’s research Centre in Baku. The initiative to establish the Research Centre was first proposed by the nationwide leader Heydar Aliyev during the summit of Economic Cooperation Organisation on the 14th of October 2002 and since that date relevant activities were implemented to establish the Centre. During the summit of the organisation held in Baku on the 5th of May 2006, with the initiative of the President of the Republic of Azerbaijan, Ilham Aliyev the article on the establishment of the centre was included in the Baku declaration and as a successful result of the works implemented at the end of 2013 the Research Centre of the Economic Cooperation Organisation was established in Baku.
In order to achieve this goal the Institute, being one of the main initiators of the establishment of the Standing Working Group of the organisation on Economic Research,  Editorial Board of “Economics” Journal and Think Tank Forum, hosted events held in this direction. 
Among the conferences held with the organisation of the Institute the First Baku-Forum Conference should be specifically outlined. The Second Baku Forum Conference, was held as part of the 50th anniversary of the Institute.
During the fifty years of its existence the Institute achieved undeniable success in the development of highly qualified human personnel.